Elliott wave analysis of EUR/JPY for October 19, 2015
October 19, 2015 7:10 am
Wave summary:
We are still locked inside a possible triangle pattern. We still believe that this triangle will be resolved in a downside thrust for a decline to below 126.05, but now we have to wait patiently for the thrust out of the triangle.
The short-term resistance is seen at 135.95, which we expected to protect the upside for a break below minor support at 134.36 and more important below support at 133.11 confirming the downside thrust.
Only an unexpected breakout above 137.44 will indicate an upside thrust.
Trading recommendation:
We are looking for a EUR selling opportunity. We will see EUR at 135.95 or upon a break below minor support at 134.92.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We are still locked inside a possible triangle pattern. We still believe that this triangle will be resolved in a downside thrust for a decline to below 126.05, but now we have to wait patiently for the thrust out of the triangle.
The short-term resistance is seen at 135.95, which we expected to protect the upside for a break below minor support at 134.36 and more important below support at 133.11 confirming the downside thrust.
Only an unexpected breakout above 137.44 will indicate an upside thrust.
Trading recommendation:
We are looking for a EUR selling opportunity. We will see EUR at 135.95 or upon a break below minor support at 134.92.
The material has been provided by InstaForex Company – www.instaforex.com
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